Credit Suisse catches subprime virus
That is the story from Yahoo, but you have to understand that if a bank like Swiss Credit Suisse, which supposedly has one of the very best risk management teams in the banking industry, has to take such an unexpected hit, the others are in a much worse shape. Credit Suisse said it was taking a 2.07 billion Swiss franc or $1.88 billion write-down for subprime-related assets in that period, but still posted a net profit of 1.33 billion francs or $1.2 billion. Credit Suisse is the second largest Swiss bank and while that is not much of a loss, especially comparing with losses of USB, which wrote down 15.6 billion Swiss francs or $13.7 billion in mortgage-related investments last year and reported its first full-year loss, it does underline the depth and penetration of an overall mortgage mess, not just subprime.
Tue Feb 19, 2008 12:02PM | Copyright: www.bad-credit-advisor.com | More in Mortgage | Comments (0)
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